If you own a smart phone, ninety nine times out of a hundred there’s a GPS installed. If you own a tablet, it’s also very likely that the device features GPS functionality. The new numbers are in regarding insurance claims. Analysts and insurance companies are poring over them, looking at how those numbers will affect the cost of insuring those items. One of the most interesting statistics is that jewelry has overtaken electronics as the number one most “claimed” insurance item. Does GPS tracking affect insurance claims on electronics?
The Hard Numbers on Insurance Claims
Every year, Enservio releases its Contents Claims Index, the industry’s last word when it comes to Contents Claims Index, the industry’s last word when it comes to where insurance companies’ money goes and why. Two interesting metrics are of interest: jewelry claims are up roughly four percent, while electronics claims dropped two percent. However, claims to insurance companies regarding electronics still increased 15%–it’s just that jewelry claims increased more.
GPS Devices Integrated into Smart Phones and Tablets
One factor that may affect insurance claims regarding electronics is the growing number of devices with integrated GPS. Granted, tablets and smart phones account for a potentially marginal segment of electronic devices that are insured. The majority of those insurance claims come in regards to televisions, laptops, and other bigger ticket items. However, a simple scan of this blog will reveal that GPS devices installed in smart phones, iPads etc. have led police to thieves on numerous occasions, saving insurance companies tons of cold hard cash.
GPS Tracking and Electronic Theft
What does the future hold for grand larceny? Put simply, installing GPS devices on electronics will curb theft. It’s just a matter of cost: would it be cost effective to put a GPS on a flatscreen television, for example, simply to track the device in the event that it is stolen? Would that provide enough added benefit that it would justify increased manufacturing expense? GPS tracking would certainly be a benefit to insurance companies, and to law enforcement officers who might turn voluntary GPS tracking data into a firm legal conviction. The application of GPS technology as a theft deterrent certainly might be an interesting approach at curbing larceny in the United States.